First BanCorp (NYSE: FBP) (the "Corporation"), parent company of FirstBank Puerto Rico, today announced that it will commence on October 25, 2011, a rights offering (the “Rights Offering”) to sell 10,651,835 shares of common stock to stockholders who owned common stock at the close of business on September 6, 2011 (the “Record Date”). Stockholders who owned shares of common stock of the Corporation as of the Record Date will receive at no charge a transferable right to purchase newly-issued shares of common stock in the Rights Offering at a price of $3.50 per share.

The Rights Offering enables stockholders who owned shares prior to the completion of the Corporation’s recent $525 million private placement of common stock to acquire common stock at the same price paid by the institutional investors in that private placement. Each right will entitle stockholders to purchase one newly-issued share for every two shares of common stock owned on the Record Date. To the extent that some eligible stockholders do not participate in the Rights Offering, or choose to purchase less than their full allocation of shares, the remaining shares will be available for purchase by other eligible stockholders pursuant to an over-subscription privilege. The Rights Offering will expire at 5:00 p.m., Eastern time on November 29, 2011.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering will be made only by means of a prospectus. To request a copy of the prospectus, you may contact, BNY Mellon Shareowner Services, by telephone, if you are located within the U.S., Canada or Puerto Rico, at 1-866-415-9687 (toll free) or, if you are located outside the U.S., at 1-201-680-6579 (collect).

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